ACCA F2知识点：投资评估

发布时间：2021-02-14

不知道ACCA考试中投资评估是什么意思的小伙伴赶紧和51题库考试学习网一起来了解下吧!

1. Investment appraisal投资评估

所以第三个技能叫做投资评估，评估这个计划、这个项目是否应该投资，除此之外，财务总监需要每时每刻掌握企业的运营情况。

2. Financial statements analysis财务报表分析

但是作为管理会计又不能把原始数据直接交给财务总监，就算给财务总监直接看报表的话，也要进行基本的分析和加工，这就是最后一个职能，叫做财务报表分析。

资产负债表分析

资产负债表是公司盈利的基础，利润的源泉，体现了公司的商业模式。证券分析的本质是由历史判断未来，那么变化较小的因素就更重要。资产负债表所体现出的公司的商业模式，占有资源，使用资金等，相对变化少，好判断。这样的资产负债表分析，对于商业模式优秀，行业格局稳定，稳定增长的公司比较适用，但对变化巨大的快速成长型公司则不太合适。

从某种意义上说，一个公司的资产负债表才是根本。无论是现金流量表还是利润表都是对资产负债表的深入解释。在格雷厄姆的时代，会计准则并没有要求现金流量表。后来的会计准则进一步发展，现金流量表才成为必须。因此在格雷厄姆的《证券分析》一书中对资产负债表的论述与分析是最多的。

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下面小编为大家准备了 ACCA考试 的相关考题，供大家学习参考。

3 Johan, a public limited company, operates in the telecommunications industry. The industry is capital intensive with

heavy investment in licences and network infrastructure. Competition in the sector is fierce and technological

advances are a characteristic of the industry. Johan has responded to these factors by offering incentives to customers

and, in an attempt to acquire and retain them, Johan purchased a telecom licence on 1 December 2006 for

$120 million. The licence has a term of six years and cannot be used until the network assets and infrastructure are

ready for use. The related network assets and infrastructure became ready for use on 1 December 2007. Johan could

not operate in the country without the licence and is not permitted to sell the licence. Johan expects its subscriber

base to grow over the period of the licence but is disappointed with its market share for the year to 30 November

2008. The licence agreement does not deal with the renewal of the licence but there is an expectation that the

regulator will grant a single renewal for the same period of time as long as certain criteria regarding network build

quality and service quality are met. Johan has no experience of the charge that will be made by the regulator for the

renewal but other licences have been renewed at a nominal cost. The licence is currently stated at its original cost of

$120 million in the statement of financial position under non-current assets.

Johan is considering extending its network and has carried out a feasibility study during the year to 30 November

2008. The design and planning department of Johan identified five possible geographical areas for the extension of

its network. The internal costs of this study were $150,000 and the external costs were $100,000 during the year

to 30 November 2008. Following the feasibility study, Johan chose a geographical area where it was going to install

a base station for the telephone network. The location of the base station was dependent upon getting planning

permission. A further independent study has been carried out by third party consultants in an attempt to provide a

preferred location in the area, as there is a need for the optimal operation of the network in terms of signal quality

and coverage. Johan proposes to build a base station on the recommended site on which planning permission has

been obtained. The third party consultants have charged $50,000 for the study. Additionally Johan has paid

$300,000 as a single payment together with $60,000 a month to the government of the region for access to the land

upon which the base station will be situated. The contract with the government is for a period of 12 years and

commenced on 1 November 2008. There is no right of renewal of the contract and legal title to the land remains with

the government.

Johan purchases telephone handsets from a manufacturer for $200 each, and sells the handsets direct to customers

for $150 if they purchase call credit (call card) in advance on what is called a prepaid phone. The costs of selling the

handset are estimated at $1 per set. The customers using a prepaid phone pay $21 for each call card at the purchase

date. Call cards expire six months from the date of first sale. There is an average unused call credit of $3 per card

after six months and the card is activated when sold.

Johan also sells handsets to dealers for $150 and invoices the dealers for those handsets. The dealer can return the

handset up to a service contract being signed by a customer. When the customer signs a service contract, the

customer receives the handset free of charge. Johan allows the dealer a commission of $280 on the connection of a

customer and the transaction with the dealer is settled net by a payment of $130 by Johan to the dealer being the

cost of the handset to the dealer ($150) deducted from the commission ($280). The handset cannot be sold

separately by the dealer and the service contract lasts for a 12 month period. Dealers do not sell prepaid phones, and

Johan receives monthly revenue from the service contract.

The chief operating officer, a non-accountant, has asked for an explanation of the accounting principles and practices

which should be used to account for the above events.

Required:

Discuss the principles and practices which should be used in the financial year to 30 November 2008 to account

for:

(a) the licences; (8 marks)

正确答案：
Licences
An intangible asset meets the identifiability criterion when it is separable or it arises from contractual or other legal rights (IAS38
‘Intangible Assets’). Additionally intangible assets are recognised where it is probable that the future economic benefits attributable
to the asset will flow to the entity and the asset’s cost can be reliably measured. Where intangible assets are acquired separately,
the asset’s cost or fair value reflects the estimations of the future economic benefits that are expected to flow to the entity. The
licence will, therefore, meet the above criteria for recognition as an intangible asset at cost. Subsequent to initial recognition,
IAS38 permits an entity to adopt the cost or revaluation model as its accounting policy. The revaluation model can only be adopted
if intangible assets are traded in an active market. As the licence cannot be sold, the revaluation model cannot be used.
The cost model requires intangible assets to be carried at cost less amortisation and impairment losses (IAS38, para 74).
Amortisation is the systematic allocation of the depreciable amount of an intangible asset over its useful life. The depreciable
amount is the asset’s cost less its residual value. The licence will have no residual value. The depreciable amount should be
allocated on a systematic basis over its useful life. The method of amortisation should reflect the pattern in which the asset’s
economic benefits are expected to be consumed. If that pattern cannot be determined reliably, the straight line method of
amortisation must be used. The licence does not suffer wear and tear from usage, that is the number of customers using the
service. The economic benefits of the licence relate to Johan’s ability to benefit from the use of the licence. The economic benefits
relates to the passage of time and the useful life of the licence is now shorter. Therefore, the asset depletes on a time basis and
the straight line basis is appropriate. The licence should be amortised from the date that the network is available for use; that is
from 1 December 2007. An impairment review should have been undertaken at 30 November 2007 when the licence was not
being amortised. Although the licence is capable of being used on the date it was purchased, it cannot be used until the associated
network assets and infrastructure are available for use. Johan expects the regulator to renew the licence at the end of the initial
term and thus consideration should be given to amortising the licence over the two licence periods, i.e. a period of 11 years (five
years and six years) as the licence could be renewed at a nominal cost. However, Johan has no real experience of renewing licences
and cannot reliably determine what amounts, if any, would be payable to the regulator. Therefore, the licence should be amortised
over a five year period, that is $24 million per annum.
There are indications that the value of the licence may be impaired. The market share for the year to 30 November 2008 is
disappointing and competition is fierce in the sector, and retention of customers difficult. Therefore, an impairment test should be
undertaken. Johan should classify the licence and network assets as a single cash generating unit (CGU) for impairment purposes.
The licence cannot generate revenue in its own right and the smallest group of assets that generates independent revenue will be
the licence and network assets. The impairment indicators point to the need to test this cash generating unit for impairment.

25 What should the minority interest figure be in the group’s consolidated balance sheet at 31 December 2005?

A $240,000

B $80,000

C $180,000

D $140,000

正确答案：A
20% x (400,000 + 800,000)

(b) Router has a number of film studios and office buildings. The office buildings are in prestigious areas whereas

the film studios are located in ‘out of town’ locations. The management of Router wish to apply the ‘revaluation

model’ to the office buildings and the ‘cost model’ to the film studios in the year ended 31 May 2007. At present

both types of buildings are valued using the ‘revaluation model’. One of the film studios has been converted to a

theme park. In this case only, the land and buildings on the park are leased on a single lease from a third party.

The lease term was 30 years in 1990. The lease of the land and buildings was classified as a finance lease even

though the financial statements purport to comply with IAS 17 ‘Leases’.

The terms of the lease were changed on 31 May 2007. Router is now going to terminate the lease early in 2015

in exchange for a payment of $10 million on 31 May 2007 and a reduction in the monthly lease payments.

Router intends to move from the site in 2015. The revised lease terms have not resulted in a change of

classification of the lease in the financial statements of Router. (10 marks)

Required:

Discuss how the above items should be dealt with in the group financial statements of Router for the year ended

31 May 2007.

正确答案：
(b) IAS16 ‘Property, Plant and Equipment’ permits assets to be revalued on a class by class basis. The different characteristics
of the buildings allow them to be classified separately. Different measurement models can, therefore, be used for the office
buildings and the film studios. However, IAS8 ‘Accounting policies, changes in accounting estimates and errors’ says that
once an entity has decided on its accounting policies, it should apply them consistently from period to period and across all
relevant transactions. An entity can change its accounting policies but only in specific circumstances. These circumstances
are:
(a) where there is a new accounting standard or interpretation or changes to an accounting standard
(b) where the change results in the financial statements providing reliable and more relevant information about the effects
of transactions, other events or conditions on the entity’s financial position, financial performance, or cash flows
Voluntary changes in accounting policies are quite uncommon but may occur when an accounting policy is no longer
appropriate. Router will have to ensure that the change in accounting policy meets the criteria in IAS8. Additionally,
depreciated historical cost will have to be calculated for the film studios at the commencement of the period and the opening
balance on the revaluation reserve and any other affected component of equity adjusted. The comparative amounts for each
prior period should be presented as if the new accounting policy had always been applied. There are limits on retrospective
application on the grounds of impracticability.
It is surprising that the lease of the land is considered to be a finance lease under IAS17 ‘Leases’. Land is considered to have
an indefinite life and should, therefore normally be classified as an operating lease unless ownership passes to the lessee
during the lease term. The lease of the land should be separated out from the lease and treated individually. The value of the
land so determined would be taken off the balance sheet in terms of the liability and asset and the lease payments treated
as rentals in the income statement. A prior period adjustment should also be made. The buildings would continue to be
treated as property, plant and equipment (PPE) and the carrying amount not adjusted. However, the remaining useful life of
the building should be revised to reflect the shorter lease term. This will result in the carrying amount being depreciated over
the shorter period. This change to the depreciation policy is applied prospectively not retrospectively.
The lease liability must be assessed for derecognition under IAS39 ‘Financial Instruments: Recognition and Measurement’,
because of the revision of the lease terms, in order to determine whether the new terms are substantially different from the
old. The purpose of this is to determine whether the change in terms is a modification or an extinguishment. The change
seems to constitute a ‘modification’ because there is little change to the terms. The lease liability is, therefore, amended by
deducting the one off payment ($10 million) from the carrying amount (after adjustment for the lease of land) together with
any transaction costs. The lease liability is then remeasured to the present value of the revised future cash flows, discounted
using the original effective interest rate. Any adjustment made in remeasuring the lease liability will be taken to the income
statement.

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